Renting homes a "necessary alternative" - buy to let mortgages

09 March 2009

Letting out a property is seen as a "necessary alternative" to selling in the current market conditions, it has been stated.

Alan Ward, chairman of the Residential Landlords Association, said that many people who need to move house but cannot sell in the present conditions are entering the lettings industry.

However, he warned this group to be prepared for their homes to undergo some "wear and tear", as many rental properties do.

Those that choose to let out their houses in this manner must be "prepared" for this consequence, Mr Ward claimed.

And he advised holders of buy to let mortgages that in order to remain competitive, they should try to ensure their properties are "well presented" and managed appropriately to attract tenants.

Recently, figures from the Department of Communities and Local Government showed that last year, the size of the private rented sector rose from 2.7 million households to almost three million.